Inactive Subsidiaries. No Inactive Subsidiary (a) has any assets (other than intercompany receivables), (b) has any liabilities (other than intercompany liabilities) or (c) engages in any material business activities.
Appears in 5 contracts
Samples: Us Loan Agreement (SMTC Corp), Us Loan Agreement (SMTC Corp), Us Loan Agreement (SMTC Corp)
Inactive Subsidiaries. No Inactive Subsidiary shall (a) has acquire any assets (other than intercompany receivables)assets, (b) has incur any liabilities (whether to an Affiliate or otherwise) other than intercompany liabilities) for franchise taxes, maintenance fees and other de minimus expenses or (c) engages engage in any material business activitiesactive trade or business.
Appears in 4 contracts
Samples: Credit Agreement (Insteel Industries Inc), Credit Agreement (Insteel Industries Inc), Credit Agreement (Insteel Industries Inc)
Inactive Subsidiaries. No Inactive Subsidiary (a) has owns any assets (other than intercompany receivablesassets of de minimis value), (b) has any liabilities (other than intercompany de minimis liabilities) ), or (c) engages in any material business activitiesactivity.
Appears in 2 contracts
Samples: Financing Agreement (PRG Schultz International Inc), Financing Agreement (PRG Schultz International Inc)
